BP to Book Up to $2 Billion Impairment, Warns of Lower Refining Margins

BP BP -3.83%decrease; red down pointing triangle expects to book an impairment of up to $2 billion for the second quarter, and warned that weak oil trading and lower refining margins will hurt earnings.

The British energy major said Tuesday that it expects its second-quarter results to be hit by after-tax asset impairments and one-off contract provisions of between $1 billion and $2 billion, including charges relating to a review of its Gelsenkirchen refinery in Germany.

Source: REUTER